!Required informationCash1,813June 11Accounts Receivable4,100Sales Revenue4,1006.June 11Cash4,100Accounts Receivable4,1007June 18Cash3,100Accounts Receivable3,100June 20Purchases3,350Accounts Payable3,3509.June 23Cash4,850Sales Revenue4,85010June 23Accounts Payable2,850Cash2,85011June 26Accounts Payable500Purchase Discounts50012June 28Accounts Payable2,855Cash2,855 X*Red text indicates no response was expected in a cell or a formula-based calculation is incorrect; no points deducted. !Required informationProblem 6-9B Record transactions and prepare a partial income statement using a periodic inventorysystem (LO6-8)[The following information applies to the questions displayed below.]At the beginning of June, Circuit Country has a balance in inventory of $2,550. The following transactions occur during themonth of June.2 Purchase radios on account from Radio World for $2,250, terms 2/15, n/45.4 Pay cash for freight charges related to the June 2 purchase from Radio World, $310.8 Return defective radios to Radio World and receive credit, $400.JuneJuneJuneJune 10 Pay Radio World in full.June 11 Sell radios to customers on account, $4,100, that had a cost of $2,750.June 18 Receive payment on account from customers, $3,100.June 20 Purchase radios on account from Sound Unlimited for $3,350, terms 2/10, n/30.June 23 Sell radios to customers for cash, $4,850, that had a cost of $3,150.June 26 Return damaged radios to Sound Unlimited and receive credit of $500.June 28 Pay Sound Unlimited in full.Problem 6-9B Part 1Required:1. Assuming that Circuit Country uses a periodic inventory system, record the transactions. (If no entry is required for a particulartransaction, select "No Journal Entry Required" in the first account field.)NoDateGeneral JournalDebitCredit1June 02Purchases2,250Accounts Payable2,250June 04Freight-in310Cash3103June 08Accounts Payable400

Solution Concept Journal entry is a book where the business transactions are recorded It is…

Required information Problem 6-9B Record transactions and prepare a partial income statement using a periodic inv system (LO6-8) [The following information applies to the questions displayed below.] At the beginning of June, Circuit Country has a balance in inventory of $2,550. The following transactions occu month of June. June 2 Purchase radios on account from Radio World for $2,250, terms 2/15, n/45. June 4 Pay cash for freight charges related to the June 2 purchase from Radio World, $310. June 8 Return defective radios to Radio World and receive credit, $400. June 10 Pay Radio World in full. June 11 Sell radios to customers on account, $4,100, that had a cost of $2,750. June 18 Receive payment on account from customers, $3,100. June 20 Purchase radios on account from Sound Unlimited for $3,350, terms 2/10, n/30. June 23 Sell radios to customers for cash, $4,850, that had a cost of $3,150. June 26 Return damaged radios to Sound Unlimited and receive credit of $500. June 28 Pay Sound Unlimited in full.

Required information Problem 6-9B Record transactions and prepare a partial income statement using a periodic inv system (LO6-8) [The following information applies to the questions displayed below.] At the beginning of June, Circuit Country has a balance in inventory of $2,550. The following transactions occu month of June. June 2 Purchase radios on account from Radio World for $2,250, terms 2/15, n/45. June 4 Pay cash for freight charges related to the June 2 purchase from Radio World, $310. June 8 Return defective radios to Radio World and receive credit, $400. June 10 Pay Radio World in full. June 11 Sell radios to customers on account, $4,100, that had a cost of $2,750. June 18 Receive payment on account from customers, $3,100. June 20 Purchase radios on account from Sound Unlimited for $3,350, terms 2/10, n/30. June 23 Sell radios to customers for cash, $4,850, that had a cost of $3,150. June 26 Return damaged radios to Sound Unlimited and receive credit of $500. June 28 Pay Sound Unlimited in full.

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter5: Inventories And Cost Of Goods Sold

Section: Chapter Questions

Problem 5.24MCE

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